Elliott to sell Italy's AC Milan football club to RedBird for $1.3 bn

Redbird Capital Partners has reached a final agreement to buy Italy’s AC Milan, the seven-time European football champion once owned by former Prime Minister Silvio Berlusconi, according to people familiar with the matter. 

Redbird is set to announce the purchase of the club from U.S. investment fund Elliott Management Corp. as early as tomorrow, the people said, asking not to be identified because discussions are private. The transaction may value AC Milan at about 1.2 billion euros ($1.3 billion), the people said.

New York-based Redbird, founded by Gerald Cardinale, manages about $6 billion, according to its website. The firm is a shareholder in Fenway Sports Group Holdings LLC, the owner of English Premier League football club Liverpool FC and the Boston Red Sox US baseball team. It also holds a controlling stake in French football team Toulouse.

Redbird beat out competition from Middle East asset manager Investcorp in the battle for AC Milan. Known as the Rossoneri, the club is one of the biggest names in European football and just won this season’s Serie A title in Italy.